Posts Tagged ‘wells fargo’

Xavier Becerra Money Quote saying in a statement as the Attorney General of California that Wells Fargo took advantage of customers and eroded trust in the banking system. Xavier Becerra said:

“Instead of safeguarding its customers Wells Fargo exploited them. This is an incredible breach of trust that threatens not only the customer who depended on Wells Fargo, but confidence in our banking system” — Xavier Becerra

There’s been far too little attention since the [Wells Fargo] crisis on how the external auditors [KPMG] should be looking out for the public. They are not just bookkeepers, but the investors’, and the capital markets’ last defense against accounting manipulation and fraud— Andy Green

Warren Buffett Money Quote saying the Wells Fargo customer base was growing steadily – however growth was due to fraud – making it much harder for Wells Fargo to make money on new customer growth. Warren Buffett said:

Wells Fargo … you can’t take away Wells’ customer base. It grows quarter by quarter. And what you make money off of is customers. And you make money on customers by having a helluva spread on assets and not doing anything really dumb. And that’s what they do.— Warren Buffett

John Chiang Money Quote saying as California State Treasurer that Wells Fargo cheated and fleeced customers with disregard for institutional ethics and encouraged greediness. John Chiang said:

Wells Fargo’s fleecing of its customers by opening fraudulent accounts for the purpose of extracting millions in illegal fees demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed — John Chiang